Targa Resources (NYSE:TRGP) Insider Patrick Mcdonie Sells 31,537 Shares

Targa Resources, Inc. (NYSE:TRGP) insider Patrick Mcdonie sold 31,537 shares of the business’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $239.36, for a total value of $7,548,696.32. Following the completion of the transaction, the insider directly owned 305,163 shares of the company’s stock, valued at approximately $73,043,815.68. The trade was a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Targa Resources Trading Down 0.3%

Shares of Targa Resources stock traded down $0.76 during trading hours on Wednesday, hitting $243.28. The company’s stock had a trading volume of 988,794 shares, compared to its average volume of 1,421,064. The company has a market capitalization of $52.29 billion, a PE ratio of 28.32, a price-to-earnings-growth ratio of 1.03 and a beta of 0.84. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55. The stock has a 50 day moving average of $202.07 and a 200 day moving average of $179.06. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $250.00.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The business had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.12 billion. Analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Friday, January 30th. Targa Resources’s dividend payout ratio is 46.57%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Hantz Financial Services Inc. raised its stake in shares of Targa Resources by 10.5% during the 4th quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company’s stock worth $97,000 after purchasing an additional 50 shares in the last quarter. Steward Partners Investment Advisory LLC increased its holdings in Targa Resources by 0.7% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company’s stock worth $1,376,000 after buying an additional 51 shares during the last quarter. First Horizon Corp raised its position in Targa Resources by 20.1% during the fourth quarter. First Horizon Corp now owns 340 shares of the pipeline company’s stock worth $63,000 after acquiring an additional 57 shares in the last quarter. Larson Financial Group LLC lifted its stake in Targa Resources by 4.1% in the third quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company’s stock valued at $253,000 after acquiring an additional 60 shares during the last quarter. Finally, Equitable Holdings Inc. lifted its stake in Targa Resources by 3.6% in the third quarter. Equitable Holdings Inc. now owns 1,714 shares of the pipeline company’s stock valued at $287,000 after acquiring an additional 60 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Stifel Nicolaus boosted their price objective on shares of Targa Resources from $213.00 to $243.00 and gave the company a “buy” rating in a research report on Friday, February 20th. Morgan Stanley boosted their price target on Targa Resources from $266.00 to $298.00 and gave the company an “overweight” rating in a report on Tuesday. Wells Fargo & Company upped their price objective on Targa Resources from $207.00 to $248.00 and gave the stock an “overweight” rating in a research report on Friday, February 20th. TD Cowen lifted their target price on Targa Resources from $192.00 to $220.00 and gave the company a “hold” rating in a research report on Monday, February 23rd. Finally, Barclays reaffirmed an “overweight” rating and set a $226.00 price target on shares of Targa Resources in a research report on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Targa Resources has a consensus rating of “Moderate Buy” and an average price target of $240.79.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.